How does my deductible work? – Slade Roofing

How does my deductible work?

Definition: A deductible is the amount of money a policyholder must pay out-of-pocket toward damages or a loss before their insurance company will pay the remainder for a claim.

Your deductible will be taken out of the claim money you receive from your insurance company. For instance, if your insurance adjuster is estimating a replacement cost value of $1,500 for your claim and your deductible is $500, you’ll receive $1,000. You will then take the $1,000 you received from the insurance company add your $500 to it and pay your contractor the $1,500 that the insurance company estimated.